This directory contains replication materials for the results presented in Section 2.2 related to exchange market data and co-location revenues. Supporting details on the methodology can be found in Appendix B.

There are two directories. 

The first directory, "Table - 2015 Data and Co-Location Revenue," contains materials used for Table 2.2, which provides estimates for market data and co-location revenues for BATS, Nasdaq, and NYSE in 2015. This directory contains the primary source material that is used to compute revenue figures. The directory also contains the spreadsheet "Market Data and Co-Location Revenue 2015," which reports the revenue figures used in Table 2.2. For full details on the methodology used to compute the revenue figures, see the spreadsheet and Appendix B.1. 

The second directory, "Figure - 2006-2017 Data and Co-Location Revenue," contains materials used for Figure 2.1, which provides estimates for Nasdaq market data and co-location revenue growth and BATS co-location revenue growth from 2006 to 2017. The directory contains the primary source material that is used to compute revenue figures per year. The directory also contains the spreadsheet "Market Data and Co-Location Revenue Growth," which reports revenue per year and computes growth rates. The numbers reported in the spreadsheet are used to construct Figure 2.1. For full details on the methodology, see the spreadsheet and Appendix B.2.





